How should CPOs react to economic turbulence? [Plus+]

The problem for the CPO looking at the future is that these options all have a reasonable likelihood in Europe right now, but could mean very different economic outcomes. And that in turn means different consequences for the issues that are of interest to procurement executives and their organisations. Which way are commodity prices going to go? And currencies? Will the Euro survive? What are the implications for existing contracts if it falls apart? Where are the biggest supply chain risks if the worst does happen?